Receivables (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of financing receivables

A summary of financing receivables included in the consolidated balance sheets as of December 31, 2024 and 2023 is as follows:

(in millions of dollars)	2024		2023
Retail	$	14,297	$	13,868
Wholesale	8,749		10,334
Other	39		47
Total	$	23,085	$	24,249

Schedule of maturities of financing receivables

Maturities of financing receivables as of December 31, 2024 are as follows:

(in millions of dollars)	Amount
2025	$	13,438
2026	3,535
2027	2,731
2028	1,880
2029	1,093
2030 and thereafter	408
Total	$	23,085

Schedule of carrying amount of restricted assets

At December 31, 2024 and 2023, the carrying amount of such restricted receivables included in financing receivables are the following:

(in millions of dollars)	2024		2023
Retail	$	8,692	$	7,707
Wholesale	5,246		6,381
Total	$	13,938	$	14,088

Schedule of allowance for credit loss

Allowance for credit losses activity for the year ended December 31, 2024, is as follows:

(in millions of dollars)	Retail		Wholesale
Opening balance	$	310	$	53
Provision	201		3
Charge-offs	(89)		(7)
Recoveries	6		3
Foreign currency translation and other	(52)		(4)
Ending balance	$	376	$	48

Allowance for credit losses activity for the year ended December 31, 2023, is as follows:

(in millions of dollars)	Retail		Wholesale
Opening Balance, as recast	$	270	$	64
Provision	86		(6)
Charge-offs	(42)		(5)
Recoveries	4		—
Foreign currency translation and other	(8)		—
Ending balance	$	310	$	53

Allowance for credit losses activity for the year ended December 31, 2022, is as follows:

 

(in millions of dollars)	Retail		Wholesale
Opening balance	$	220	$	65
Provision	59		7
Charge-offs, net of recoveries	(17)		(7)
Foreign currency translation and other	8		(1)
Ending balance	$	270	$	64

Schedule of aging of receivables

The aging of financing receivables by vintage as of December 31, 2024, is as follows:

(in millions of dollars)	31-60 Days Past Due		61-90 Days Past Due		Total Past Due		Current		Total Performing		Non- Performing		Total		Gross Charge-offs
Retail
North America
2024									$	4,485	$	5	$	4,490	$	5
2023									2,145		6		2,151		12
2022									1,421		4		1,425		9
2021									766		2		768		5
2020									249		1		250		3
Prior to 2020									58		1		59		3
Total	64		4		68		9,056		9,124		19		9,143		37
South America
2024									1,400		5		1,405		—
2023									1,255		26		1,281		2
2022									518		26		544		24
2021									287		8		295		12
2020									127		2		129		4
Prior to 2020									65		1		66		3
Total	29		1		30		3,622		3,652		68		3,720		45
Asia Pacific
2024									563		—		563		—
2023									402		1		403		1
2022									276		1		277		1
2021									129		—		129		1
2020									41		—		41		2
Prior to 2020									3		—		3		2
Total	4		3		7		1,407		1,414		2		1,416		7
Europe, Middle East, Africa	—		—		—		11		11		7		18		—
Total Retail	$	97	$	8	$	105	$	14,096	$	14,201	$	96	$	14,297	$	89
Wholesale
North America	$	—	$	—	$	—	$	4,817	$	4,817	$	23	$	4,840	$	—
South America	—		—		—		1,048		1,048		—		1,048		—
Asia Pacific	2		1		3		883		886		1		887		2
Europe, Middle East, Africa	7		—		7		1,967		1,974		—		1,974		5
Total Wholesale	$	9	$	1	$	10	$	8,715	$	8,725	$	24	$	8,749	$	7

The aging of financing receivables by vintage as of December 31, 2023, is as follows:

(in millions of dollars)	31-60 Days Past Due		61-90 Days Past Due		Total Past Due		Current		Total Performing		Non- Performing		Total		Gross Charge-offs
Retail
North America
2023									$	3,976	$	4	$	3,980	$	1
2022									2,133		4		2,137		10
2021									1,323		3		1,326		4
2020									561		2		563		3
2019									208		1		209		3
Prior to 2019									66		1		67		3
Total	44		3		47		8,220		8,267		15		8,282		24
South America
2023									1,986		9		1,995		—
2022									955		32		987		—
2021									573		13		586		2
2020									294		4		298		7
2019									123		2		125		1
Prior to 2019									107		1		108		1
Total	22		—		22		4,016		4,038		61		4,099		11
Asia Pacific
2023									609		—		609		—
2022									453		1		454		1
2021									255		1		256		1
2020									115		1		116		2
2019									31		1		32		2
Prior to 2019									3		—		3		1
Total	5		6		11		1,455		1,466		4		1,470		7
Europe, Middle East, Africa	—		—		—		6		6		11		17		—
Total Retail	$	71	$	9	$	80	$	13,697	$	13,777	$	91	$	13,868	$	42
Wholesale
North America	$	—	$	—	$	—	$	5,154	$	5,154	$	—	$	5,154	$	—
South America	—		—		—		1,404		1,404		2		1,406		4
Asia Pacific	4		2		6		870		876		—		876		1
Europe, Middle East, Africa	5		—		5		2,893		2,898		—		2,898		—
Total Wholesale	$	9	$	2	$	11	$	10,321	$	10,332	$	2	$	10,334	$	5

Modifications